Bloomberg columnist Willie Pesek writes that we should ignore China’s latest GDP growth figure, which slowed to 7.5% in the second quarter, because things “are much worse than they appear:”
Even if we take the 7.5 percent April-June growth rate at face value, its components suggest a more ominous scenario. Industrial production, for example, rose just 8.9 percent in June compared with May’s 9.2 percent gain. For an export-addicted, developing